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Wheeler REIT pays $9M for NC asset; Trans World picks up German hotel


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Wheeler REIT pays $9M for NC asset; Trans World picks up German hotel

This feature rounds up recent property news from covered companies and highlights larger deal coverage already published.

* Wheeler Real Estate Investment Trust Inc. purchased the 116,976-square-foot New Market Crossing shopping center in Mt. Airy, N.C., for $9.0 million. The property, which is 93% leased and occupied, is the company's 22nd acquisition for 2016 and is anchored by a 54,838-square-foot Lowes Food Store and a 32,000-square-foot Roses. Wheeler REIT used cash and its Key Bank credit facility to fund the acquisition.

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The Lindner Sport & Aktivhotel Kranichhöhe
Source: Trans World Corp.

* Trans World Corp. expanded its Trans World Hotels brand portfolio with the acquisition of the Lindner Sport & Aktivhotel Kranichhöhe business and recreational hotel property in Much, Germany.

The company plans to upgrade the property to four stars from its three-star rating through renovations, and will rename the property Hotel Kranichhöhe. The total project cost will be roughly $7.3 million, 42% of which will be funded by Trans World with cash flow from operations, with the remaining coming in the form of debt from local German bank Kreissparkasse Koln.

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Eddie V's Prime Seafood at Plaza Venezia
Source: Regency Centers Corp.

* Regency Centers Corp. bought the Plaza Venezia shopping center in Orlando, Fla., for an undisclosed sum. The 201,000-square-foot property is on Sand Lake's Restaurant Row and is anchored by Publix.

Additional coverage

New York REIT secures $760M of financing: The company will use the proceeds in part to help pay for its acquisition of most or all of the remaining equity interest in Worldwide Plaza in Manhattan, N.Y.

Pebblebrook Hotel completes $217.5M sale of NYC hotel: Proceeds from the sale will be used to repay a $140.0 million loan secured by the property and for general corporate purposes.

City Office acquires 2 Phoenix buildings for $101M: The company also provided an update on the pending $86.5 million sale of a Boise, Idaho, office property.

Bluerock Residential sells class A Fla. apartment building for $52M: The sale represents a roughly 31% rate of return on Bluerock's equity investment in the property.